Real Estate Journal — DelMarVa — August 10 - 23, 2018 — 15A
M id A tlantic
D el M ar V a
ASHINGTON, DC — The Feldman Group of Marcus Land sells for $5.85 million in the Brookland/Langdon neighborhoods of Washington, D.C. Feldman & Webb Groups of Marcus & Millichap collaborate to sell large Ward 5 Parcel W
& Millichap , in collabora- tion with the Webb Group of Marcus & Millichap , an- nounced the sale of 1400 Mon- tana Ave. NE for $5.85 million in the Brookland/Langdon neighborhoods of Washington, D.C. The 38,926 s/f parcel traded for $150.29 psf of land and is situated at the corner of Montana Ave. NE and Rhode Island Ave. NE. Josh Feldman , first vice president investments, and Ryan Smith , Investment associate, of the Feldman Group and Cameron Webb , vice president investments, of the Webb Group partnered to broker the transaction. The sellers, Historic Berean Baptist Church, owned the property for nearly two de- cades and plan to relocate to another part of the city. “Over the last few years, the Sellers have been closely following market trends in and around the neighborhood through their relationship withMarcus & Millichap,” said Feldman. “With many planned and ex- isting development projects less than a mile away at the Brentwood/Rhode Island Ave. Metro station, the organiza- tion decided now was the best time for them to take advan- tage of the robust demand for sites like theirs.” “Demand for property in the Ward 5 section is at a his- torical high. In recent years the city has witnessed un- precedented development in neighborhoods such as Ecking- ton, Fort Lincoln, NoMa, and UnionMarket. The Brookland/ Langdon submarket has not escaped the appetite of inves- tors and developers who real- ize the high market demand for housing and retail accom- modations in Northeast which were historically dominated by neighborhoods in the North- west part of the city,” says Smith. “National and regional developers such as Douglas Development, MRP, Mid- City, JBG Smith, Boundary Companies , and Trammell Crow are major stakeholders in these markets. With exist- ing and planned developments near the Brookland/Langdon area, these stakeholders are working to add value to the current and future communi- ties in this submarket,” he concludes.
1400 Montana Ave. NE parcel
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